You may have heard of ERISA bonds before.  You very likely have heard of 401(k) plans.  But did you know the two are connected?  I have found that, even in the insurance business, there is a lot of uncertainty as to what ERISA bonds do, how they work, and why they are required. ERISA is an acronym for the Employee Retirement Income Security Act of 1974, which was enacted into federal law to set minimum standards for retirement and health plans and to provide protection for individuals enrolled in the plans.  ERISA bonds are fidelity bonds that act as employee … Continue reading

A very popular New Year’s resolution people make is to cut back on spending and save more money. One positive of our recent quarantine is that this a little easier to do, and incorporating financial stability and being mindful of spending can be very satisfying and provide benefits in many facets of one’s life. This can come from a variety of strategies such as tackling debt, eliminating unnecessary purchases, and just putting more into a savings account on a monthly basis. Now being in the third month of the year, people may have fallen off the wagon a bit. Maybe … Continue reading

We realize this “topic” is on just about every news broadcast headline, newsletter, and any social media site you visit lately.  So, as an employer what should you do now that it has become a pandemic. First, be aware and monitor the CDC, state, and local health department websites.  Governor Whitmer has created a task force to combat the spread of COVID-19 (Coronavirus).  Information regarding the State of Michigan and resources can be found at https://www.michigan.gov/coronavirus. As an employer, you need to evaluate your sick/vacation/PTO policies and how they will affect your employees if they need to be off due … Continue reading

We’re living in strange times; it feels like time is passing so fast, but yet so slow. There’s a constant desire to keep up with all of the new information surrounding the Coronavirus pandemic, yet also an urge to just unplug and distance ourselves from it. Trying to keep up with everything can be overwhelming, exhausting, and anxiety inducing; but not paying attention to it causes ignorance to a global pandemic, in which we’re literally watching history unfold day by day. Many of us have faced some sort of transition in light of COVID-19; whether that’s going from working full … Continue reading

When I first heard the term “Inland Marine Insurance”, I thought it sounded like an oxymoron.  How do you have insurance for marine items that are “inland”?  In fact, inland marine insurance almost fits that line of thought.  It is insurance for a wide assortment of specialized property made for land, not for oceans or water-travel. Inland marine insurance is a type of business property insurance that can include coverage for scheduled items on a policy, and it can also include a general limit for many items that fall under the same category.  This is often included on policies for … Continue reading

In 2019, I was fortunate to be part of a group of VAST employees who developed a plan to implement recycling in the office.  We had a desire not only to recycle, but also to reduce the carbon footprint of VAST and help the environment though waste reduction, recycling, energy conservation, and sustainability efforts.  Through the determination of a handful of dedicated individuals in the office, the Green Team was born. Throughout the year, the Green Team assessed the current state of VAST’s recycling efforts through Waste Audits and offered the employees of VAST opportunities to recycle rigids, fibers, batteries, … Continue reading

Many people have heard of a “notary” or have needed a document “notarized”, but what does that really mean or entail? Well, let’s start with what a Notary Bond is. It is a legally binding contract guaranteeing the Notary (the person authorized) will complete tasks ethically while abiding by the law. If a notary does not adhere to the law, a claim can be made against the bond by the issuing state or those harmed as a result of the notary’s actions. If the claim is valid, the bond amount is used to indemnify the harmed parties. This protects the … Continue reading

If you own a business and work near navigable waters, it is very likely that you need Longshoreman coverage.  This coverage is for your worker’s compensation policy to protect your employees who work on or near navigable waters of the United States, including employees working in any capacity near the water.  Working near the water can include anything from loading and unloading a vessel, doing work on a vessel, repair work, construction, and much more. The Longshore and Harbor Workers’ Compensation Act (LHWCA) is similar to the Jones Act, but it was created for a different category of workers.  It … Continue reading

Have you ever been working on something, and realize that it is taking way longer than it should? If so, a 15 minute or so break from the project or task at hand could do wonders for productivity and efficiency. These breaks provide much more benefits than one might not have previously considered. They can make you not only more productive, but more creative and attentive! Working without a break throughout the day could be detrimental. The brain needs a rest, as research indicates that working nonstop can affect the connections in your brain, increasing the risk of developing neurological … Continue reading

The term personal development, although used often, seems to be thrown around rather loosely. I found it best defined in an article from Wisdomtimes; “the idea of personal development is about harnessing and enriching the innate potential of the individual to ultimately become a realized, happier, and balanced person in a chaotic and ever-changing world.”  In many professions you are mandated to keep up on your CE (continuing education) but I feel just as important is having some standard of personal development. I am grateful that here at VAST we take great pride in both, and really invest in the … Continue reading